About iLending iLending is a car refinance company that allows you to complete one application and prequalify for auto refinance loans from multiple lenders it partners with. Though specializing in auto refinance, it also provides add-on insurance policies, such as a GAP waiver (if your primary insurance couldn’t pay off the balance of your loan […]
The post iLending Auto Loan Refinance Review appeared first on LendEDU.
Best for flexible terms
| Rates | 5.49% – 18.79% APR |
| Loan amounts | $5,000 – $150,000 |
| Repayment terms | 12 – 96 months |
iLending is a car refinance company that allows you to complete one application and prequalify for auto refinance loans from multiple lenders it partners with. Though specializing in auto refinance, it also provides add-on insurance policies, such as a GAP waiver (if your primary insurance couldn’t pay off the balance of your loan after the vehicle is totaled, iLending’s GAP waiver would take care of the rest).
However, iLending generally only does vehicle refinancing. If you can ride or drive it, iLending will help you refinance it. The company was founded in 2006 under a different name—Fleet Financial—and financed business fleet vehicles. In 2008, the business model evolved into auto refinance. What follows is an iLending review.
Table of Contents Skip to Section
If you’re looking to refinance a car loan, a motorcycle, or some other mode of transportation, working with iLending may be wise.
After all, the company specializes in vehicle refinancing, and iLending has an A+ with the Better Business Bureau. That doesn’t guarantee satisfaction, but it’s a promising sign that you may have a good experience with the company.
The ideal customer is somebody who feels they’re paying too much for their vehicle loan. An iLending customer aims to improve the terms of their loan to make lower monthly payments or pay less over the life of the loan.
If you end up refinancing with iLending, you’ll want to review the fine print and ensure that you’re saving money and that the refinance makes sense. On average, iLending says it saves customers between $132 and $145 a month.
To get the best deal, comparing how lenders stack up against others is important. You’ll want to do a thorough iLending review and examine other lenders, as well.
iLending’s rates are competitive among auto refinance lenders. However, you must also consider other factors, such as how long you’ll have to repay the loan.
| Term | Details |
| Rates | 5.49% – 18.79% APR |
| Loan amounts | $5,000 – $150,000 |
| Repayment terms | 12 – 96 months |
| Eligibility | 560 credit score, 6-month credit history plus one credit account, minimum income of $1,500 per month |
| Fees | No origination fee, but admin/doc fees, title transfer fees, and state fees may apply. Before you sign anything, you’ll get an itemized breakdown. |
| Unique features | Will refinance anything you drive or ride, including a boat |
What’s important to know about iLending is that you don’t borrow directly from iLending. You’ll complete one application with iLending, and it brings you multiple offers you prequalify for.
You’ll borrow from a lender iLending partners with, so the repayment terms will depend on the financial institution you work with. But one of the standout features is that you will work with an iLending consultant who can guide you through the process and help you find repayment terms you like.
By the time you have a new monthly payment, you’ll want to have a lower amount to pay back every month or a new loan with lower interest rates—or, if you’re lucky, both.
Any adult with a credit score of at least 560 is eligible for an iLending auto loan refinance. A cosigner may be allowed, depending on the lender. Beyond that, meeting other requirements will help your eligibility:
| Requirement | Details |
| State of residence | Available in all 50 states and Washington, D.C. |
| Vehicle | Varies by lender, but your odds are better if you drive a car less than 10 years old with mileage no higher than 150,000 |
| Credit score | 560 |
| Income | $1,500 a month ($18,000 a year) |
As with any loan aggregator or lending website, iLending has pros and cons.
Pros
Loan aggregator
iLending offers you a variety of loans so you can pick the best one.
Good customer service
Of course, everyone’s mileage might vary here, but iLending matches you with a consultant to help guide you through the refinancing process.
Available to people with low credit
While a higher credit score will always improve your odds of getting approved, you may be considered for a loan if your credit score is at least 560.
Cons
Ambiguous fees
Will fees be attached to the loan? Yes. Will you know what they are before going through the application process? No.
Limited loans
You can refinance your current loan through iLending, but you can’t buy a car with a new loan from iLending. You also can’t take out other loans, such as a mortgage or a personal loan.
No in-person service
Some people would rather do everything online and see that as a selling point, but if you prefer meeting in a brick-and-mortar location with a person, you would be out of luck.
Applying is simple.
Source: iLending
The post iLending Auto Loan Refinance Review appeared first on LendEDU.
